Ocado entering U.S. market through technology deal with Kroger

Ocado entering U.S. market through technology deal with Kroger

Russell Knight
|
17 May, 2018, 17:05

Ocado Group Plc's agreement to license its home-delivery technology to USA supermarket chain Kroger Co. is the online grocer's biggest deal so far, and a "materially larger" pact than Bernstein's expectations. Ocado will also allow Kroger to use its online shopping and logistics technology.

The shares soared as much as 51 percent to a record high, adding about 1.8 billion pounds ($2.4 billion) to the market value and making the company a potential candidate for inclusion in the FTSE 100.

Under the partnership, the pair are looking to open three similar sites in the U.S. this year - with a further 17 in the pipeline.

Ocado chief executive Tim Steiner said working with Kroger to transform the way in which United States customers bought groceries represented "a huge opportunity to redefine the grocery experience" for Kroger customers.

The company claimed the value of the Kroger partnership was worth more than the others in France, Canada and Sweden combined.

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Mothercare plans store closures to revive sickly UK childThe firm also said Mark Newton-Jones had agreed to return as chief executive following his abrupt departure just five weeks ago. Shares in Mothercare were up 4.8 pence at 26.6 pence at 0832 GMT, valuing the business at 46 million pounds.

Ocado's chief executive, Tim Steiner, described the deal as "transformative" and said it would "reshape the food retailing industry in the U.S. in the years to come".

"Our success as a retailer shows that we can offer customers unrivalled choice, quality and convenience, efficiently and profitably". Kroger buying a stake in Ocado may be seen as a move that could potentially open up long-term M&A optionality.

America's largest supermarket chain, said Thursday it is spending $247 million to license exclusively the home-delivery technology of Britain's Ocado Group online supermarket.

Ocado was created in 2000 in the UK. The short sellers were hoping Ocado wouldn't deliver on its worldwide expansion plans, that position now looks like a badly busted flush.

However, its share price is looking forward to future earnings based on licensing out its online delivery technology, rather than the revenues it's now making from food retail. "The market reaction was exceptionally bullish with shares jumping by 40% in early trade on the announcement".

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England's all-time top scorer had reportedly agreed terms on a £12.5 million move to DC United in Major League Soccer last week. Rooney had seen his involvement limited under Allardyce, but could be convinced to stay at his boyhood club by a new regime.

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